Business

Chinese exporters may incur Rs 40,000 cr loss this Diwali amid boycott calls: CAIT

main img3

Chinese exporters may incur Rs 40k crore loss this Diwali season amid boycott call by local sellers

Trade, import and export for MSMEs: Mobile, electronics, electrical goods, toys, home furnishings, kitchen accessories, gift items, watches, readymade garments, footwear, cosmetics, beauty products, furniture, FMCG products, consumer durables, stationery, Diwali puja and decorative articles for the home, shop, and offices, etc. are likely to be sold in large quantities.

Trade, import and export for MSMEs: Chinese companies exporting goods to India may suffer Rs 40,000 crore business loss this Diwali season as the Indian traders’ community is geared up to boycott the sale of goods from China. In a statement issued by traders’ body Confederation of All India Traders (CAIT), National President B. C. Bhartia and Secretary General Praveen Khandelwal said that out of around Rs 70,000 crore business done in India every year during the Diwali season by traders, goods worth around Rs 40,000 crore were imported from China in the past years. “But because of the brutal massacre by China killing 20 Indian soldiers mercilessly, there is great anger and resentment towards China in the people of the country which has prompted the people not to buy Chinese goods.”

The traders are preparing themselves with sufficient stocks of goods, according to Bhartia and Khandelwal. Particularly mobile, electronics, electrical goods, toys, home furnishings, kitchen accessories, gift items, watches, readymade garments, footwear, cosmetics, beauty products, furniture, FMCG products, consumer durables, stationery, Diwali puja and decorative articles for the home, shop, and offices, etc. are likely to be sold in large quantities. The body has also urged small scale industries along with local artisans, and craftsmen through its state-level chapters to prepare goods related to Diwali. These sellers would be encouraged to sell their goods in the markets through trade organizations spread across India.

According to a RedSeer report, the October festive sale would see around 70 per cent jump in online shoppers to 45-50 million from 28 million during last year’s October sale. The gross merchandise value for marketplaces engaged in festive sale in October would also increase over 50 per cent from $2.7 billion last year to $4 billion this year.

Meanwhile, the Department of Consumer Affairs in a notice issued to Amazon and Flipkart on Friday has sought clarification on why they are displaying mandatory declarations including country of origin on goods sold on their platforms. The two companies have been asked for “explanation” within 15 days of the receipt of the notice, “otherwise the action should be initiated against you with the available documents as per provisions of Act and Rules,” the notice signed by Legal Metrology Deputy Director Ashutosh Agarwal read. The government had earlier this year asked sellers on its public procurement portal Government e-Marketplace (GeM) followed by private marketplaces to state ‘country of origin’ for products listed. The decision came amid consumers’ growing clamor to boycott import and use of Chinese goods following the border clash between the armed forces of the two countries.

Source : FINANCIALEXPRESS

 

add image
Advertisement add spot

Related Articles

Technology

Latest News & Articles